FIRST BANCORP.

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dgiy01KJPM4/TyxTQWc760BC25PlxCo6BGVeOTCHeZL6uFxB8FRnbNoAxP6BJRMu 9u0W1pZXBIV+ot88pwhn7A== 0000950144-03-011716.txt : 20031022 0000950144-03-011716.hdr.sgml : 20031022 20031022143015 ACCESSION NUMBER: 0000950144-03-011716 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031020 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /PR/ CENTRAL INDEX KEY: 0001057706 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 660561882 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14793 FILM NUMBER: 03951649 BUSINESS ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: SANTUREE CITY: SAN JUAN STATE: PR ZIP: 00908 BUSINESS PHONE: 7877298200 MAIL ADDRESS: STREET 1: 1519 PONCE DE LEON AVE CITY: SAN JUAN STATE: PR ZIP: 00908 8-K 1 g85365e8vk.htm FIRST BANCORP. FIRST BANCORP.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities
Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2003

First BanCorp.

(Exact name of registrant as specified in this charter)


Puerto Rico	001-14793	66-0561882

(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)


1519 Ponce De León Avenue, San Juan, Puerto Rico		00908-0146

(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (787) 729-8200

ITEM 7. Financial Statements and Exhibits

Exhibit


99		Press Release dated October 20, 2003.

ITEM 12. Results of Operations and Financial Condition

On October 20, 2003, First BanCorp. (the “Company”) announced its unaudited results of operations for the third quarter and nine months ended September 30, 2003. A copy of the Company’s press release is attached as Exhibit 99 to this Current Report on Form 8-K and incorporated herein by reference.

The information included in this section and Exhibit 99 attached hereto is intended to be furnished for purposes of the Securities Exchange Act of 1934, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.


	FIRST BANCORP.

	By:	/s/ Annie Astor-Carbonell

		Annie Astor-Carbonell Senior Executive Vice President and Chief Financial Officer

Date: October 22, 2003

EX-99 3 g85365exv99.txt PRESS RELEASE DATED OCTOBER 20, 2003 EXHIBIT 99 [FIRST BANCORP LOGO] Annie Astor-Carbonell Senior Executive Vice President and Chief Financial Officer 787) 729-8088 annie.astor@firstbankpr.com FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% SAN JUAN, PUERTO RICO, OCTOBER 20, 2003--FIRST BANCORP (NYSE:FBP), THE SECOND LARGEST PUERTO RICO FINANCIAL HOLDING COMPANY WITH DIVERSIFIED BANKING OPERATIONS IN PUERTO RICO AND THE US AND BRITISH VIRGIN ISLANDS, REPORTED TODAY EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 2003. NET INCOME WAS $31,684,402 OR $0.62 PER COMMON SHARE BASIC AND $0.61 PER COMMON SHARE DILUTED, FOR THE THIRD QUARTER OF 2003, AS COMPARED TO EARNINGS OF $27,356,898 OR $0.52 PER COMMON SHARE BASIC AND $0.51 PER COMMON SHARE DILUTED FOR THE THIRD QUARTER OF 2002. THESE RESULTS REPRESENT AN INCREASE IN DILUTED EARNINGS PER SHARE OF 19.6% FOR THIS QUARTER. RETURN ON ASSETS (ROA) AND RETURN ON COMMON EQUITY (ROCE) WERE 1.14% AND 20.67% RESPECTIVELY, FOR THE QUARTER AS COMPARED TO 1.26% AND 21.65% RESPECTIVELY, FOR THE SAME QUARTER OF 2002. BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES FOR FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 2 THE 2003 THIRD QUARTER WERE 40,007,383 AND 41,016,121, RESPECTIVELY. FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2003, EARNINGS WERE $97,383,395 OR $1.92 PER COMMON SHARE (BASIC) AND $1.89 PER COMMON SHARE (DILUTED), AS COMPARED TO $79,985,470, OR $1.51 PER COMMON SHARE BASIC AND $1.49 PER COMMON SHARE DILUTED. BASIC AND DILUTED WEIGHTED AVERAGE SHARES FOR THE 2003 YEAR-TO-DATE PERIOD WERE 39,986,460 AND 40,906,552, RESPECTIVELY. COMMENTING ON THIS QUARTER RESULTS, MR. ANGEL ALVAREZ-PEREZ, CHAIRMAN, PRESIDENT, AND CEO OF FIRST BANCORP SAID, "OUR CORE LENDING OPERATIONS HAVE CONTINUED TO GROW, ESPECIALLY COMMERCIAL, AUTO, AND RESIDENTIAL MORTGAGES. DURING THE MIDDLE OF THIS QUARTER, WITH THE INCREASE IN INTEREST RATES, WE WERE ABLE TO REPLACE AND GROW OUR INVESTMENT PORTFOLIO. WE HAD STAYED ON THE SIDELINES FOR ABOUT FIVE MONTHS, AWAITING THIS OPPORTUNITY, DUE TO THE LOW INTEREST RATES EXPERIENCED DURING THE FIRST SIX MONTHS OF THIS YEAR. ON THE ASSET QUALITY SIDE, OUR NON-PERFORMING LOANS AND WRITE OFF RATIO DECREASED SLIGHTLY FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 3 FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% SINCE LAST QUARTER, WHICH IS REMARKABLE, WHEN CONSIDERING AN OVERALL WEAK ECONOMY." NET INTEREST INCOME, THE CORPORATION'S MAIN SOURCE OF INCOME, INCREASED BY $11.6 MILLION FROM $60.3 MILLION DURING THE THIRD QUARTER OF 2002, TO $71.9 MILLION DURING THE THIRD QUARTER OF 2003. WHEN COMPARED TO THE IMMEDIATELY PRECEDING QUARTER, IT ALSO INCREASED BY $8 MILLION. THE INCREASES REFLECT PARTIALLY THE ADDITIONAL INVESTMENTS, WHICH WERE MADE DURING THE MIDDLE OF THIS QUARTER. NET INTEREST MARGIN ON A TAX EQUIVALENT BASIS WAS 2.93% FOR THE QUARTER ENDED SEPTEMBER 2003, AS COMPARED TO 3.13% FOR THE QUARTER ENDED SEPTEMBER 2002 AND 3.07% FOR THE PREVIOUS QUARTER ENDED JUNE 2003. FLUCTUATIONS ARE THE RESULT OF THE INVESTMENT STRATEGIES AND ABNORMALLY HIGH PREPAYMENT RATES ON THE MORTGAGE BACKED SECURITIES DURING THE FIRST PART OF THE QUARTER. OTHER INCOME AMOUNTED TO $19.1 MILLION FOR THE THIRD QUARTER OF 2003, AS COMPARED TO $19.0 MILLION FOR THE THIRD QUARTER OF 2002. OTHER INCOME INCLUDED A NET GAIN ON SALE OF INVESTMENTS OF $4.4 MILLION, AND A DERIVATIVE GAIN OF $1.2 FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 4 MILLION. PRIOR YEAR OTHER INCOME INCLUDE A NET GAIN ON SALE OF INVESTMENTS OF $7.5 MILLION AND A DERIVATIVE LOSS OF $1.2 MILLION. OTHER INCOME, EXCLUDING THE NET GAINS ON SALES OF INVESTMENTS AND DERIVATIVE VALUATIONS FOR BOTH PERIODS, WAS $13.6 MILLION FOR THE SEPTEMBER 2003 QUARTER, UP FROM THE $12.7 MILLION FOR THE SEPTEMBER 2002 QUARTER, DUE MAINLY TO INCREASES IN LOAN FEES. NET CHARGE OFFS WERE $10.1 MILLION (.63% OF AVERAGE LOANS) FOR THE THIRD QUARTER OF 2003, AS COMPARED TO $10.2 MILLION (.85% OF AVERAGE LOANS) DURING THE THIRD QUARTER OF 2002, AND $9.9 MILLION (.65% OF AVERAGE LOANS), DURING THE SECOND QUARTER OF 2003. THE CHARGE OFFS RATIO IS AT THE LOWEST LEVEL OF THE LAST 10 YEARS, DUE TO THE CORPORATION'S EFFECTIVE CREDIT RISK MANAGEMENT INFRASTRUCTURE. THE EFFICIENCY RATIO WAS 43.8%, 41.2%, AND 45.2% FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003, SEPTEMBER 30, 2002, AND JUNE 30, 2003 RESPECTIVELY, ONE OF THE BEST IN THE INDUSTRY. AN INCREASE IN EXPENSES OF $7.2 MILLION IS MAINLY ATTRIBUTABLE TO FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 5 $6.1 MILLION EXPENSE FOR THE QUARTER OF THE FORMER CHASE VIRGIN ISLANDS OPERATIONS ACQUIRED DURING OCTOBER 2002. EXPENSES OF $39.9 MILLION FOR THIS QUARTER ARE UP BY $584,000 OR 1.5%, WHEN COMPARED TO THE JUNE 2003 QUARTER. TOTAL ASSETS WERE $12,089 MILLION AS OF SEPTEMBER 30, 2003, AS COMPARED TO $9,188 MILLION AS OF SEPTEMBER 30, 2002, AND $9,644 MILLION AS OF DECEMBER 31, 2002. LOANS RECEIVABLE INCREASED BY 36% TO $6,707 MILLION, AS COMPARED TO $4,947 MILLION AS OF SEPTEMBER 30, 2002. THE LARGEST LOAN VOLUME INCREASES WERE ACHIEVED IN THE COMMERCIAL AND RESIDENTIAL REAL ESTATE PORTFOLIOS. NON-PERFORMING LOANS AS OF SEPTEMBER 30, 2003 WERE $85.7 MILLION (1.28% OF TOTAL LOANS), AS COMPARED TO $83.0 MILLION (1.68% OF TOTAL LOANS) AND $89.0 MILLION (1.41% OF TOTAL LOANS), AS OF SEPTEMBER 30, 2002 AND JUNE 30, 2003, RESPECTIVELY. NON-PERFORMING LOANS DECREASED, WHEN COMPARED TO THE IMMEDIATELY PRECEDING QUARTER, AS A RESULT OF CONTROLLED DELINQUENCIES, SPECIALLY IN THE BANK'S COMMERCIAL FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 6 PORTFOLIOS. THE SLIGHT INCREASE IN DOLLAR AMOUNT, WHEN COMPARED TO THE SEPTEMBER 2002 FIGURE, IS COMPOSED MOSTLY OF SECURED REAL ESTATE LOANS AND IS MAINLY DUE TO THE ACQUISITION OF CHASE'S VIRGIN ISLANDS OPERATIONS DURING OCTOBER 2002. THE ALLOWANCE FOR LOAN LOSSES TO NON-PERFORMING LOANS (RESERVE COVERAGE) WAS 143.6% AS OF SEPTEMBER 30, 2003, COMPARED TO 130.0% AS OF SEPTEMBER 30, 2002 AND 135.5%, AS OF JUNE 30, 2003. THE IMPROVEMENT IN THE COVERAGE RATIO IS RELATED TO THE STABILITY DURING 2003 IN THE DELINQUENCIES AND NON-PERFORMING LOANS. THE CORPORATION'S TOTAL CAPITAL SURPASSED THE $1 BILLION MARK, AFTER THE CLOSING OF $189.6 MILLION, THE LARGEST PREFERRED STOCK ISSUE IN THE LOCAL MARKET, ON SEPTEMBER 30, 2003. FIRST BANCORP IS A $12.1 BILLION WELL-CAPITALIZED FINANCIAL HOLDING COMPANY. IT IS THE PARENT COMPANY OF FIRSTBANK PUERTO RICO, WHICH IS THE SECOND LARGEST COMMERCIAL BANK IN PUERTO RICO AND VIRGIN ISLANDS AND OF FIRSTBANK INSURANCE AGENCY. BOTH, FIRST BANCORP AND FIRSTBANK PUERTO RICO, OPERATE WITHIN US BANKING LAWS AND REGULATIONS. THE BANK FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 7 OPERATES A TOTAL OF 96 FINANCIAL SERVICE FACILITIES THROUGHOUT PUERTO RICO AND THE US AND BRITISH VIRGIN ISLANDS, INCLUDING THE OPERATIONS OF ITS SUBSIDIARIES MONEY EXPRESS, A FINANCE COMPANY, FIRST LEASING AND CAR RENTAL, A CAR AND TRUCK RENTAL LEASING COMPANY IN PUERTO RICO, FIRSTBANK INSURANCE VI AND FIRST TRADE, INC. IN THE US AND BRITISH VIRGIN ISLANDS. THE CORPORATION'S COMMON AND PREFERRED SHARES TRADE ON THE NEW YORK STOCK EXCHANGE, UNDER THE SYMBOLS FBP, FBPPrA, FBPPrB, FBPPrC, FBPPrD, AND FBPrE. THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD-LOOKING STATEMENTS" CONCERNING THE CORPORATION'S ECONOMIC FUTURE PERFORMANCE. THE WORDS OR PHRASES "EXPECT", "ANTICIPATE", "LIKELY", "LOOK FORWARD", "SHOULD", "PROBABLY", AND SIMILAR EXPRESSIONS ARE MEANT TO IDENTIFY "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THE CORPORATION WISHES TO CAUTION READERS NOT TO PLACE UNDUE RELIANCE ON ANY SUCH "FORWARD-LOOKING STATEMENTS", WHICH SPEAK ONLY AS OF THE DATE MADE AND TO ADVISE READERS FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 19.6% PAGE 8 THAT VARIOUS FACTORS, INCLUDING REGIONAL AND NATIONAL ECONOMIC CONDITIONS, CHANGES IN INTEREST RATES, COMPETITIVE AND REGULATORY FACTORS AND LEGISLATIVE CHANGES, COULD AFFECT THE CORPORATION'S FINANCIAL PERFORMANCE AND COULD CAUSE THE CORPORATION'S ACTUAL RESULTS FOR FUTURE PERIODS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED OR PROJECTED. THE CORPORATION DOES NOT UNDERTAKE, AND SPECIFICALLY DISCLAIMS ANY OBLIGATION, TO UPDATE ANY "FORWARD-LOOKING STATEMENTS" TO REFLECT OCCURRENCES OR UNANTICIPATED EVENTS OR CIRCUMSTANCES AFTER THE DATE OF SUCH STATEMENTS. FIRST BANCORP CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA
THREE MONTHS ENDED NINE MONTHS ENDED ---------------------------------------------- ----------------------------- SEPTEMBER 30, SEPTEMBER 30, JUNE 30, SEPTEMBER 30, SEPTEMBER 30, 2003 2002 2003 2003 2002 ------------- ------------- -------- ------------- ------------- INTEREST INCOME: Loans $ 98,762 $ 87,435 $ 97,285 $ 290,003 $ 255,724 Investments 34,856 42,171 25,540 99,359 146,946 --------- --------- --------- --------- --------- Total interest income 133,618 129,606 122,825 389,362 402,670 --------- --------- --------- --------- --------- INTEREST EXPENSE: Deposits 28,036 33,650 27,278 84,253 99,930 Borrowings 33,686 35,618 31,644 96,873 104,607 --------- --------- --------- --------- --------- Total interest expense 61,722 69,268 58,922 181,126 204,537 --------- --------- --------- --------- --------- Net interest income 71,896 60,338 63,903 208,236 198,133 --------- --------- --------- --------- --------- PROVISION FOR LOAN LOSSES 12,600 14,000 12,600 41,764 48,302 --------- --------- --------- --------- --------- Net interest income after provision for loan losses 59,296 46,338 51,303 166,472 149,831 --------- --------- --------- --------- --------- OTHER INCOME: Service charges on deposit accounts 2,202 2,117 2,370 7,147 6,949 Other fees on loans 5,282 4,698 4,995 15,283 15,426 Mortgage banking activities 432 1,861 1,584 2,374 3,171 Net gain on sale of investments 4,384 7,485 10,135 28,206 8,102 Derivative gain (loss) 1,154 (1,208) (678) 1,039 (3,462) Rental Income 579 602 545 1,609 1,730 Other operating income 5,103 3,408 4,046 12,646 10,536 --------- --------- --------- --------- --------- Total other income 19,136 18,963 22,997 68,304 42,452 --------- --------- --------- --------- --------- OTHER OPERATING EXPENSES: Employees' compensation and benefits 18,195 14,317 18,314 54,719 43,135 Occupancy and equipment 9,042 7,036 8,831 26,757 20,726 Business promotion 2,691 2,411 2,706 8,114 7,510 Other taxes 1,920 1,770 1,760 5,428 5,057 Insurance 726 689 813 2,476 2,049 Other 7,285 6,445 6,851 21,110 17,888 --------- --------- --------- --------- --------- Total other operating expenses 39,859 32,668 39,275 118,604 96,365 --------- --------- --------- --------- --------- INCOME BEFORE INCOME TAX 38,573 32,633 35,025 116,172 95,918 INCOME TAX PROVISION 6,889 5,276 5,754 18,789 15,933 --------- --------- --------- --------- --------- NET INCOME $ 31,684 $ 27,357 $ 29,271 $ 97,383 $ 79,985 ========= ========= ========= ========= ========= NET INCOME APPLICABLE TO COMMON STOCK $ 24,933 $ 20,606 $ 22,520 $ 77,130 $ 60,330 ========= ========= ========= ========= ========= NET INCOME PER COMMON SHARE - BASIC $ 0.62 $ 0.52 $ 0.56 $ 1.92 $ 1.51 ========= ========= ========= ========= ========= NET INCOME PER COMMON SHARE - DILUTED $ 0.61 $ 0.51 $ 0.55 $ 1.89 $ 1.49 ========= ========= ========= ========= ========= DIVIDENDS DECLARED PER COMMON SHARE $ 0.11 $ 0.10 $ 0.11 $ 0.33 $ 0.30 ========= ========= ========= ========= =========
FIRST BANCORP CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA
SEPTEMBER 30, 2003 SEPTEMBER 30, 2002 DECEMBER 31, 2002 ------------------ ------------------ ----------------- Assets Cash and due from banks $ 75,145 $ 58,150 $ 108,306 ------------ ------------ ------------ Money market instruments 430,257 65,976 273,660 ------------ ------------ ------------ Federal funds sold and securities purchased under agreements to resell 159,000 ------------ ------------ ------------ Investment securities available for sale, at market: United States and Puerto Rico Government obligations 11,117 426,631 28,772 Mortgage backed securities 1,108,370 2,081,319 2,512,606 Corporate bonds 128,945 131,205 133,742 Equity investment 39,475 34,433 41,654 ------------ ------------ ------------ Total investment securities available for sale 1,287,907 2,673,588 2,716,774 ------------ ------------ ------------ Investment securities held to maturity, at cost: United States and Puerto Rico Government obligations 1,111,491 1,201,326 638,174 Mortgage backed securities 2,055,882 Corporate bonds 64,743 64,327 64,432 ------------ ------------ ------------ Total investment securities held to maturity 3,232,116 1,265,653 702,606 ------------ ------------ ------------ Federal Home Loan Bank (FHLB) stock 42,595 35,630 35,630 ------------ ------------ ------------ Loans receivable: Commercial Loans 2,736,703 2,422,784 2,491,358 Finance Leases 155,143 140,665 143,412 Consumer Loans 1,237,350 1,030,282 1,149,014 Residential Loans 2,577,612 1,353,433 1,854,068 ------------ ------------ ------------ Total loans receivable 6,706,808 4,947,164 5,637,852 Allowance for loan losses (123,024) (107,974) (111,911) ------------ ------------ ------------ Total loans, net 6,583,784 4,839,190 5,525,941 Other real estate owned 3,999 1,677 2,938 Premises and equipment, net 82,820 78,104 87,595 Accrued interest receivable 42,463 33,347 39,282 Other assets 148,686 136,857 151,120 ------------ ------------ ------------ Total assets $ 12,088,772 $ 9,188,172 $ 9,643,852 ============ ============ ============ LIABILITIES & STOCKHOLDERS' EQUITY Liabilities: Deposits $ 6,512,449 $ 4,676,009 $ 5,482,918 Federal funds purchased and securities sold under agreements to repurchase 3,587,878 3,274,790 2,793,540 Advances from FHLB & Subordinated Notes 824,818 407,364 455,815 Accounts payable and other liabilities 109,863 85,863 113,155 ------------ ------------ ------------ 11,035,008 8,444,026 8,845,428 ------------ ------------ ------------ Stockholders' equity: Preferred Stock 550,100 360,500 360,500 ------------ ------------ ------------ Common stock outstanding 40,011 39,955 39,955 Capital Reserve and Surplus 219,345 196,792 219,345 Retained earnings 203,284 150,573 145,243 Accumulated other comprehensive income 41,024 (3,674) 33,381 ------------ ------------ ------------ 1,053,764 744,146 798,424 ------------ ------------ ------------ Total liabilities and stockholders' equity $ 12,088,772 $ 9,188,172 $ 9,643,852 ============ ============ ============ BOOK VALUE PER COMMON SHARE $ 12.59 $ 9.60 $ 10.96 ============ ============ ============
FIRST BANCORP SELECTED FINANCIAL DATA (UNAUDITED) DOLLARS IN THOUSANDS
CREDIT QUALITY DATA AT: September 30, 2003 September 30, 2002 December 31, 2002 - ----------------------- ------------------ ------------------ ----------------- Non-performing Assets $ 99,558 $ 93,648 $ 104,675 ------------ ------------ ------------ Non-performing Loans 85,690 83,039 91,765 ------------ ------------ ------------ Past Due Loans 19,785 22,027 24,435 ------------ ------------ ------------ Allowance for Loan Losses 123,024 107,974 111,911 ------------ ------------ ------------ Non-performing Assets to Total Assets 0.82% 1.02% 1.09% ------------ ------------ ------------ Non-performing Loans to Total Loans 1.28% 1.68% 1.63% ------------ ------------ ------------ Allowance to Non-Performing Loans 143.57% 130.03% 121.95% ------------ ------------ ------------

SELECTED PERFORMANCE RATIOS: Three Months Ended Three Months Ended Nine Months Ended September 30, June 30, September 30, 2003 2002 2003 2003 2002 ----------- ----------- ----------- ----------- ----------- Net Interest Yield (1) 2.93% 3.13% 3.07% 3.21% 3.76% ----------- ----------- ----------- ----------- ----------- Return on Assets 1.14% 1.26% 1.26% 1.31% 1.26% ----------- ----------- ----------- ----------- ----------- Return on Equity 15.00% 14.76% 13.80% 15.54% 14.99% ----------- ----------- ----------- ----------- ----------- Return on Common Equity 20.67% 21.65% 18.47% 21.68% 22.21% ----------- ----------- ----------- ----------- ----------- Net Write offs to Average Loans 0.63% 0.85% 0.65% 0.67% 0.92% ----------- ----------- ----------- ----------- ----------- Efficiency Ratio 43.79% 41.19% 45.20% 42.89% 40.05% ----------- ----------- ----------- ----------- ----------- AVERAGE BALANCES: Assets $11,093,765 $ 8,717,424 $ 9,306,733 $ 9,920,758 $ 8,437,218 ----------- ----------- ----------- ----------- ----------- Earnings Assets 10,679,453 8,497,987 8,972,529 9,562,127 8,213,439 ----------- ----------- ----------- ----------- ----------- Loans 6,466,821 4,802,027 6,067,527 6,091,115 4,558,350 ----------- ----------- ----------- ----------- ----------- Deposits 6,097,961 4,692,413 5,373,362 5,611,912 4,549,834 ----------- ----------- ----------- ----------- ----------- Interest-bearing liabilities 9,597,063 7,663,754 7,891,580 8,495,419 7,416,620 ----------- ----------- ----------- ----------- ----------- Stockholders Equity 845,051 741,282 848,233 835,518 711,471 ----------- ----------- ----------- ----------- ----------- Common Stockholders Equity 482,490 380,782 487,733 474,323 362,107 ----------- ----------- ----------- ----------- -----------
(1) On a taxable equivalent basis. -----END PRIVACY-ENHANCED MESSAGE-----